More than $3 billion was lost to hacks in 2022, and fraud on the blockchain has reached epidemic proportions. HYDN Prevent is a real-time fraud prevention solution designed specifically for DApps.
HYDN Prevent is the only product of its kind, built to stop blockchain attacks before they happen. It reviews every transaction that interacts with your DApp’s smart contracts, identifies the malicious ones and tells you about them. Your DApp can then decide whether to accept or reject the transaction, which protects both your assets and your reputation.
The product has a full suite of detectors covering common attack vectors such as Reentrancy Attacks, Oracle Manipulation, Phishing Attempts, Contract Impersonation, Role Changes, and more. It can detect and stop almost all attacks in real time, potentially saving your DApp millions.
Separately from HYDN Prevent, HYDN monitors all transactions and runs detection algorithms across 25 chains 24/7, 365 days a year. This lets us learn how the types and nature of threats change over time, and build new detectors that improve HYDN Prevent.
It was through this 24/7 monitoring that we identified a critical vulnerability in SushiSwap’s contracts. We then worked with the Sushi team to rescue over $600k in user assets and help create a fix to protect users.
Why real-time fraud prevention matters on the blockchain
The blockchain is a decentralized system, and once a transaction is made it cannot be reversed. That irreversibility is what makes real-time fraud prevention so important, and also what makes it hard.
HYDN Prevent analyses transactions in real time, simulating them to deliver automated decisions in milliseconds without affecting your user journey. It combines machine learning, rules and graph networks to stop even the most sophisticated attacks. It analyses thousands of transactions every day, which keeps reducing false positives.
DApps most in need of real-time fraud prevention
Three kinds of DApp need HYDN Prevent most: DeFi platforms, NFT platforms, and Bridges.
DeFi platforms. DeFi is a huge sector of blockchain, generating over $850 billion in trading in the past year across platforms like Uniswap, Sushi, and PancakeSwap. It grew 167% in March 2023 compared to December 2022, and that growth makes DeFi platforms an obvious target. HYDN Prevent is committed to securing over $9 billion worth of assets currently at rest in DApps across things such as Staking and Liquidity Provision.
NFT platforms. This category includes the prominent NFT marketplaces and platforms offering NFT lending, staking and borrowing services. Scams and phishing attempts are common in the NFT sector, so protection is vital, particularly for inexperienced users.
Bridges. Bridge transactions are intricate, and users are moving assets across chains with varying security protocols, which makes bridges high risk. Two of the most significant hacks in the past year hit Bridges, accounting for a loss of $912 million.
Becoming a launch partner with HYDN Prevent
HYDN Prevent is set to launch in Q2 2023, and we are currently inviting interested parties to sign up as launch partners. Launch partners get a free trial period and a quick 5-minute implementation process.
As a launch partner you can protect your assets and reputation and get on with running your platform. A real-time fraud prevention solution like HYDN Prevent also shows users that you take security and compliance seriously, which may help you adapt more easily to future regulatory changes.
For more information on HYDN Prevent pricing and to become a launch partner, you can contact us at contact@hydnsec.com, message us on Telegram, or by filling out the Contact Form on our site.
HYDN Prevent gives DeFi platforms, NFT marketplaces and bridge services real-time protection for their operations and their users.
